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On the markets front, the Nifty 50 index reached a one-month high, closing up by 181 points, driven by strong financial sector performance.
Meanwhile, uncertainty surrounds the future of RBI Governor Shaktikanta Das as his term nears its end.
The Lok Sabha has passed the Banking Laws (Amendment) Bill, 2024. The Bill introduces significant changes aimed at improving governance in the banking sector and enhancing customer convenience.
In corporate news, HDFC Bank’s CEO expressed optimism about merger synergies and plans for securitisation.
Swiggy reported a net loss of ₹625.5 crore in Q2, while the Ministry of Corporate Affairs is set to revamp the PM Internship Scheme.
IndiGo has filed a trademark infringement suit against Mahindra over the use of “6E” for its electric car.
Here are the top stories that drove the news today.
GoM proposes 35% GST slab to offset revenue loss: Sources
The Group of Ministers (GoM) on rate rationalisation has proposed creating a “special rate” of 35% to offset potential revenue loss from a reconfiguration of existing tax slabs, sources told CNBC-TV18. The proposal aims to ensure that the government can maintain fiscal stability while adjusting the Goods and Services Tax (GST) framework.
GST on readymade garments: GoM considering price-based slab of up to 28% tax, say sources
The Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary on Monday (December 2) proposed revised tax rates for readymade garments based on their price ranges, according to sources.
As per the recommendations, readymade garments costing up to ₹1,500 would attract 5% GST, and those between ₹1,500 and ₹10,000 would attract 18%. Garments costing above ₹10,000 would attract a 28% tax, sources added.
Nifty 50 hits 1-month high as markets extend gains for third session
The domestic equity indices rose for the third straight session on Tuesday, with the Nifty closing at a one-month high, driven by strong performances in the financial sector as investors bet on an easing of the domestic monetary policy to address the slow economic growth. The Nifty gained 181 points to close at 24,457, while the Sensex added 598 points to end at 80,846.
All eyes on December RBI MPC meet as Shaktikanta Das’ tenure as governor unclear
CNBC-TV18 has reported that a decision on who the next Reserve Bank of India (RBI) governor is imminent. If a decision doesn’t come today, this is the first time that an RBI governor goes into a monetary policy with the country and possibly even the governor not knowing if he will continue in the post after December 10, when his term ends, or whether a new governor will be appointed.
Exclusive | HDFC Bank CEO happy with synergies from HDFC merger, bets on securitisaton for revenue impetus
HDFC Bank is garnering increased synergies from the merger with its parent, with the bank being able to convert most of the erstwhile HDFC home loan borrowers into credit card customers and consumer durable loanees at the click of a button.
Separately HDFC Bank is looking to make securitisation a new avenue to raise resources. Also, the bank sees many of its parameters, like loan growth and loan-deposit ratio, returning to pre-merger levels by 2027. These are some of the key takeaways from a wide-ranging exclusive chat that CNBC-TV18 had with the bank’s CEO Sashi Jagdishan and CFO Srinivasan Vaidyanathan.
Swiggy Q2 Results: Net loss of ₹625.5 crore; Instamart revenue doubles
Food Delivery aggregator Swiggy Ltd. reported a net loss of ₹625.5 crore during the September quarter, in what has been the first quarterly report of the company since it became a public company last month.
The company had reported a net loss of ₹657 crore during the same quarter last year and a loss of ₹611 crore during the June quarter.
PM Internship Scheme set for a major overhaul
The Ministry of Corporate Affairs (MCA) is preparing to make significant changes to its flagship internship program, aiming to enhance its effectiveness based on insights from the pilot phase launched on December 2. Sources have told CNBC-TV18 that the revamped scheme will broaden the program’s reach, offering new opportunities to a wider pool of aspiring professionals.
Lok Sabha passes Banking Laws (Amendment) Bill
The Lok Sabha on Tuesday (December 3) passed the Banking Laws (Amendment) Bill, 2024 by a voice vote. Piloted by Union Finance Minister Nirmala Sitharaman, the legislation introduces significant changes aimed at improving governance in the banking sector and enhancing customer convenience.
Key provisions include allowing bank account holders to nominate up to four individuals for their accounts, with an option for successive or simultaneous nominations. Locker holders, however, will be restricted to successive nominations.
Next priority is de-escalation of troops along LAC, says Jaishankar on India-China ties
External Affairs Minister S Jaishankar on Tuesday (December 3) said the de-escalation of Indian and Chinese armies at the Line of Actual Control is the next priority. He said the immediate priority was to ensure disengagement from friction points and this has been fully achieved.
Jaishankar was addressing Parliament on India-China ties. “The next priority would be to consider de-escalation that would address amassing of troops along LAC,” he said.
Govt mulls changes to insurance investment norms, IRDAI likely to get authority to specify investment limits
IndiGo files trademark infringement suit against Mahindra over ‘6E’ name for electric car
The Mahindra BE 6e
India’s largest airline, IndiGo, has initiated a trademark infringement case against Mahindra Electric Automobile Limited in the Delhi High Court. The dispute centres around Mahindra’s use of the term “6E” in its upcoming electric car, the Mahindra BE 6E, which was unveiled in November 2024.
IndiGo contends that the use of the “6E” name by Mahindra infringes upon its registered trademark rights, which it claims have been in use for years.
Israel says it’s still committed to ceasefire after new strikes
The Israel Defense Forces said the country “remains obligated” to a US-backed ceasefire after carrying out airstrikes in Lebanon on Monday in response to Hezbollah’s first attack under the truce, shrugging off fears that the agreement might collapse.
After Hezbollah claimed the attack on an Israeli military site in a disputed area near the borders with Lebanon and Syria on Monday, the IDF launched its heaviest airstrikes in Lebanon since the ceasefire plan came into effect less than a week ago. The Israeli army said it targeted militants, dozens of launchers and infrastructure belonging to the group throughout Lebanon.
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